a provider of technology for the Learning and Development market
announced today that it closed a US$2.5 million seed financing to fuel
growth of its Learning Design System. The first-of-its-kind platform
automates the instructional design process, allowing organizations to
quickly transform institutional knowledge into on-demand training.
Instructional design is a function that is performed by a few
highly-trained individuals, impeding organizations from creating and
deploying training at scale. Benchmarks indicate that it can take over
70 hours and up to $10,000 to create a single hour of training.
Generation Ventures led the financing with participation from Ripple
Ventures, Differential Ventures, CEAS Investments, Cathexis Ventures,
Ideal Ventures and Venture Capitalist Neal Dempsey. As part of the
financing, Laura Lenz of Generation Ventures will join the board.
“We are excited about what the future holds for Synapse,” said Lenz.
“Synapse’s solution fills an important gap in the market and the team is
putting incredible focus in all the right places; people, product,
customer value and metrics that support the success of the business”.
The use of artificial intelligence within Synapse’s Learning Design
System includes using a recommendation engine that enables subject
matter experts and training departments to streamline collaboration and
reduce delivery time. The Synapse platform has demonstrated the ability
to reduce the cost of developing training by as much as 65%.
“The use of AI in corporate learning is in its infancy, we’re excited to
be the first to apply it to the instructional design process,” said CEO
Ryan Austin. “This funding will help us accelerate growth as we strive
to become a core part of every organization’s learning strategy.”
The funding will be used fuel growth in sales, marketing and product
expansion and to hire key personnel.
Synapse’s Learning Design System streamlines
the processes associated with planning and developing corporate training
programs. Founded in 2016, Synapse has clients across numerous sectors
including financial services, oil and gas, retail, healthcare,
technology and manufacturing. The platform enables planning and
collaboration between subject matter experts (SMEs), instructional
designers and training departments so that learning programs can be
developed and deployed quickly. Learning teams are able to align
learning objectives with assessment and activities to enable rapid
instructional design. Synapse ensures that training program planning and
development are structured around learning goals and objectives and. For
more information about Synapse’s Learning Design System, visit www.getsynapse.com.
More information about the participating investors can be found on their
websites as follows: Generation